12.17.2010

20 Financial Milestones for your 20's

I thought I would share these 20 Financial Milestones for your 20's from Me in Millions blog. Since I just turned 23 it would be nice if I completed at least half of these milestones up to this point!

# 1 – Finance a dream vacation…in cash
I haven't been able to do this yet since I just started my first full-time job but I definitely want to do this in the near future. I have a savings fund specifically for that purpose, a trip to Hawaii with the family and BF would be nice, especially paying it off with cash!

# 2 – Pay off your student loans - CHECK!
I've never had student loans thanks to my parents for fully funding my college education. If I go to law school I will definitely have to take a loan out though.

# 3 – Automate paying your credit card bill in full
I don't automate my credit card because I like to manually do this. If you will, I do it the old school way where I log on to my credit card each month and pay the balance in full. This is totally new to me though because I just paid off my credit card debt last month.

# 4 – Get rid of all bad debt - CHECK!
My only debt was my credit card debt and I paid the last of it off last month.

# 5 – Build an adequate emergency fund
I'm currently working on this. I only have about $1,100 in my e-fund at the moment but I want to build it up to $10,000.

# 6 – Make your first, and last, investment mistake
I just started investing so who knows...I may have already committed my first investment mistake without knowing it. OR, I hope I never have to make one! I'm beginning to become a bigger risk taker when it comes to investments. It must be the influence of the BF.

# 7 – Develop a statement of cash flows- CHECK!
Each paycheck I know exactly what goes in and out of my accounts in terms of money. My mom is an accountant so that's possibly where I get my "question every transaction" mentality. Every penny counts!

# 8 & 9 Max out a Roth & Contribute to your 401(k) - In progress and CHECK!
I'm hoping to max out my roth this year but I started a bit late in the year to max it out completely by May 2011. Who knows, I may be ambitious and put $3,500 in there instead of putting all the extra money in savings. I already contribute to my 401k and get employer contributions.

# 10 – Get a degree or certification that increases your earning power- CHECK!
I have a B.S. in Business and I'm studying for the LSAT so I can go to law school.

# 11 – Take a career risk
I literally just started my career and have been on this path since my 2nd year of college. I'm not sure if I want to take a career risk just yet but possibly by the end of my 20's I will feel more comfortable with taking one.

# 12 – Negotiate something - CHECK!
This is a bit vague, obviously we have all negotiated something in our lives. Since we are talking about financial milestones though, I have negotiated getting overdraft fees and late fees taken off my checking and credit card accounts. I have also negotiated increasing my line of credit and lowering cell phone bills, utility bills, etc. Every time it has worked.. I love negotiating!

# 13 – Earn your first side grand- CHECK!
I have sold a bunch of items on ebay and through friends and have made over $1k this year.

# 14 – Start a sub-savings account for an upcoming financial goal - CHECK!
I have a travel fund sub-savings account.

# 15 – Set a target retirement date- CHECK!
Technically I have 2 target retirement funds - one at 2050 and one at 2045. Ideally I would like to retire sooner but who knows, I love to work and I don't think I will retire just because I can.

# 16 – Monitor your credit- CHECK!
I do and will continue to do so. Credit is extremely important and I would not want to let mine slip. Currently it's sitting at 755.

# 17 – Say no to a financial salesman- CHECK!

# 18 – Give just enough to make it hurt 
I haven't given enough to make it hurt.........yet!

2 Milestones for the Over Achiever

# 19 – Invest $1 for every $1 you spend- in progress
I'm working on this. Ultimately I want to invest a lot more but I just don't have as much funds. Right now I'm putting more money away in savings than investments but if we are talking about saving $1 for every $1 I spend then I have achieved that plus more!

# 20 – Start a 529 College Savings Plan
I've been needing to look into this... will do that today!

So I have completed 11 of these milestones... yay!

I would love to hear everyone else's response. Just let me know in the comments or put it on your blog!

3 comments:

me in millions said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Glad I could inspire you! PS Love Elf!

holly said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I'm 22 and I don't have but one of these complete :( Poo. I better get on the ball!

Vanessa said...Best Blogger Tips[Reply to comment]Best Blogger Templates

I was going to comment but it'll be too long. This is going to be my blog post for the day instead :P

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